Sacombank (STB) Auctions Bamboo Airways Collateral at VND 3,620 Billion

Overview

Sacombank (STB), listed on HOSE, has announced it is selecting an auction house to sell collateral tied to a loan to CTCP Hàng không Tre Việt (Bamboo Airways). The asset is the right to commercially exploit 47,316 m² of floor space across six levels of the Xi Grand Court project at 256-258 Lý Thường Kiệt, Hồ Chí Minh City, with a starting price of VND 3,620 billion (approximately USD 144.8 million). The move is the latest step in Sacombank’s effort to recover a long-standing Bamboo Airways exposure.

Key Facts

• Starting price: VND 3,620 billion for the commercial exploitation rights at Xi Grand Court, HCMC.
• Total commercial floor area: 47,316 m² across six floors, including an 1,798 m² cinema area on floor 4.
• Floor-by-floor areas: floor 1 at 8,142 m²; floor 2 at 8,049 m²; floors 3 and 4 at 9,047 m² each; remaining floors at 5,400 m² and 7,631 m².
• Bidder registration window: three working days from the date of the announcement, published 13 October 2026.
• Prior enforcement: on 31 March 2026, Sacombank moved to seize 355 land-use and property certificates covering more than 86,308 m² at the Đăk Đoa complex in Gia Lai, linked to FLC Group.
• Parallel action: MSB also seized 387 collateral assets in Gia Lai and Thanh Hóa in mid-April 2026 over unpaid Bamboo Airways obligations.
• STB closed at VND 64,600 on 14 October 2026.

What Happened

Sacombank said in a 13 October 2026 public notice that it is seeking an auction organisation for a secured asset arising from a sale contract between CTCP Đầu tư và Phát triển Bất động sản Dấu Ấn Sài Gòn and CTCP Đầu tư Xây dựng Phú Sơn Thuận. The asset covers commercial exploitation rights over six floors of the Xi Grand Court development, formerly in Ward 14, District 10, now part of Diên Hồng Ward. The bank set a reserve price of VND 3,620 billion and will accept bids from auction houses for three working days after publication, with further procedures to follow once an organiser is chosen.

The auction follows earlier enforcement steps. On 31 March 2026, Sacombank issued a decision to seize collateral at Zone C of the Đăk Đoa residential villa complex in Gia Lai province, comprising 355 certificates over more than 86,308 m² owned by CTCP Tập đoàn FLC, with land-use rights running to 27 July 2071. Sacombank planned to carry out that seizure between 22 April and 22 June 2026. MSB separately moved against 387 Bamboo Airways-linked assets in Gia Lai and Thanh Hóa in mid-April 2026.

Market Context

STB trades on HOSE and closed at VND 64,600 on 14 October 2026. The stock has been supported by expectations that Sacombank can finally clear its Bamboo Airways exposure, which VCBS has estimated at VND 3,000-4,000 billion and flagged as potentially resolvable in the second half of 2026. The auction sits within a wider Vietnamese banking trend of accelerated collateral disposal as lenders work through legacy restructuring assets, a theme that has kept asset-quality metrics in focus across the sector.

Strategic Significance

For long-term holders, the key question is not the headline price but the recovery rate. A successful auction near the VND 3,620 billion reserve would materially reduce Sacombank’s remaining Bamboo Airways exposure and could allow the bank to release provisions, lifting earnings quality. A failed or discounted sale would extend the workout timeline and keep provisioning pressure on the P&L. The outcome also matters for how the market prices Sacombank’s broader legacy asset book, including the FLC-linked Gia Lai collateral, and for its capital planning under Basel II and any future dividend or restructuring agenda.

What to Watch

• Announcement of the selected auction organiser and the scheduled auction date.
• The winning bid price relative to the VND 3,620 billion reserve and any subsequent provision write-back.
• Q3 2026 earnings release and management commentary on Bamboo Airways exposure and provisioning.
• Progress on the FLC-linked Đăk Đoa seizure in Gia Lai and any related legal filings.
• MSB’s parallel disposal of 387 Bamboo Airways-linked assets, which will indicate sector-wide recovery pricing.